Genting, Genting Malaysia Shares Up On Special Dividend

Genting, Genting Malaysia Shares Up On Special Dividend - Genting Bhd and Genting Malaysia Bhd

active trading on Wednesday after the announcing record high dividend.

Genting rose six sen, or 0.67% to RM9.05 while Genting Malaysia gained 1.14%, or six sen to RM5.33.

Genting has announced a record-high special dividend of seven sen per share, on top of a final dividend of six sen, for the year ended Dec 31, 2017 (FY17).

Should the final dividend be approved by shareholders, total dividend for FY17 will amount to 21.5 sen per ordinary share.

In comparison, for FY16, the total dividend amounted to 12.5 sen per ordinary share.

Genting has posted an 88% decline in net profit for the fourth quarter ended Dec 31, 2017 due to higher impairment losses, as well as a one-off gain from the disposal of its stake in Genting Hong Kong Ltd a year earlier.

Its net profit for the quarter came in at RM133.15mil from RM1.13bil previously, on the back of a 10.7% jump in revenue to RM5.26bil compared to RM4.75bil a year earlier.

For the full financial year ended Dec 31, 2017, Genting’s net profit fell 32% to RM1.45bil from RM2.12bil a year earlier. Its revenue for the period rose 9% or RM1.65bil to RM20.02bil from RM18.37bil previously.

Genting is the parent company of Genting Malaysia and Genting Plantations Bhd

Meanwhile, Genting Malaysia announced a special dividend of eight sen per share for the financial year ended Dec 31, 2017 (FY17), on top of a final dividend of five sen.

If approved, the total dividend for FY17 will amount to 17% per ordinary share, representing a 3% increase from the previous year.

Genting Malaysia’s net profit fell 73.35% to RM449.39mil in the fourth quarter of FY17 (4QFY17), from RM1.69bil.